Federal Reserve policy-makers decided at a meeting March 23 to leave interest rates unchanged, pending further signs of either a weakening economy or a speedup in inflation, according to minutes released on Friday.
The vote was 10-2, with Fed Governors Wayne D. Angell and Lawrence B. Lindsey dissenting. They sought an increase in interest rates to stem any acceleration in prices.
The Federal Open Market Committee met again this week, but its meetings are closed and minutes will not be released until July.
Analysts said they believed the committee remained in favor of leaving interest rate policy unchanged pending further economic developments. Many thought recent worrisome developments on inflation would keep the Fed from cutting rates, while the weak economy would prevent it from raising rates.